Behind a 'small transaction' of $1.2 million, a capital game of whale swallowing Bitcoin is brewing beneath the surface.
Yesterday, a listed company named Bitcoin Treasury Capital announced it purchased 10 Bitcoins at an average price of $119,000, bringing its total holdings to 166 BTC. This seemingly ordinary increase has sparked heated discussions in the crypto circle—when institutional giants have already consumed over 10% of the total Bitcoin supply, should retail investors panic or celebrate?
Do small companies buying Bitcoin serve merely as a smokescreen? The truth about institutional whale swallowing is surfacing.
Bitcoin Treasury Capital's increase is just the tip of the iceberg. The real drama is behind the scenes:
Latest on-chain data shows that institutional investors now control over 10% of the total Bitcoin supply, a staggering 150% increase compared to 18 months ago;
These 'whales' are swallowing Bitcoin at a rate 10 times that of miners' daily output! The divergence between demand and supply is ripping open a crisis of scarcity.
Even more astonishing is that the amount of Bitcoin held by listed companies has surpassed 918,000 BTC, with the leading Bitcoin treasury firm Strategy alone holding 597,000 BTC, accounting for over 60%. And this company has just made a big move: expanding its preferred stock issuance from $500 million to $2 billion, clearly indicating it wants to 'add to its position.'
Does institutional buying hide a price nuclear button? The historical script has long been written.
When institutional trading on Coinbase exceeds 10%, a price storm is inevitable—
Data tracking shows that whenever the institutional trading volume accounts for 10%-50% of Coinbase's daily trading, Bitcoin prices surge vertically. And now, institutional daily demand is 1000% of miners’ output, with the market as tense as a fully drawn bow;
The capital cycle behind this can be termed a 'perpetual motion machine': issuing shares for financing → buying Bitcoin → stock price rises → mortgaging stocks for refinancing, a cycle of arbitrage.
But lurking with deadly intent is the key indicator mNAV. When mNAV > 1, companies can 'magically' push up stock prices by issuing shares to buy Bitcoin.
The S&P 500 has also 'fallen,' as Bitcoin is penetrating the heart of traditional finance.
The wave of institutionalization has broken through the boundaries of cryptocurrency:
Payment giant Block was officially included in the S&P 500 index this week, and its 8,584 BTC will passively enter the trillion-dollar index fund pool;
As of now, there are three Bitcoin-holding giants among the S&P 500 constituents: Tesla (11,509 BTC), Coinbase (9,267 BTC), and Block. Traditional investors are passively 'all in' on Bitcoin!
Moreover, several global enterprises are rushing in: Mexican real estate giant Grupo Murano is investing $1 billion to build positions, while Singapore's education group Genius plans to increase holdings to 10,000 BTC.
When institutions consume 10 times the new Bitcoin daily, while the total amount of 21 million BTC remains unchanged, is there any other option besides price increase?
However, there are variables hidden in the eye of the storm—if banks suddenly tighten stock mortgage loans, will the 'financial perpetual motion machines' of those high mNAV companies come to an abrupt halt?
The breaking point for ordinary people: closely monitor the institutional trading ratio on Coinbase, betting that Bitcoin spot ETF continues to absorb funds, with holdings accounting for over half of the total institutional amount. The whales have opened their massive mouths; this time, don’t just be a spectator.
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